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Does a bank have to give you money if they foreclose on a house?
Wiki User
∙ 13y ago
Absolutely not! They may feel it is in their best business interests to do so, in order to get quick possession of the property. But, no legal obligation exists whatsoever, in any state. In fact, it's a bit ludicrous to think the bank would actually owe YOU money as your default most likely caused them to suffer a financial loss on the mortgage loan. In most states, you would owe them money after a foreclosure sale, assuming they retain a deficiency. They rarely collect on those deficiencies.
Wiki User
∙ 13y ago
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What happens to your credit if you give your house back to the bank?
The bank will put up the house for auction and recover the money loaned to you. Residual balance of the liability, if any, standing against your name post auction will be returned to you.
What could happen if you have 2 mortgages on the same property and you only default on the smaller of the 2 mortgages?
A mortgage is a promise that you make to the lending company. You promise them that if you don't pay back the loan, then they can have your house. It's no different for the second mortgage except that if you fail to pay either bank, and they both want your house, then the first mortgage holder always wins. If you default on your second mortgage..then they have the right to foreclose and sell your property BUT they have to pay the balance on your first off. If you defalut on your first mortgage then they will give notice to your second mortgage company and give them the option to "accelerate " the mortgage and they can foreclose..but if the second does not then the first mortgage can foreclose and sell your property and only pay the second off if there is enough money from the sale. It really doesn't matter if the mortgage balance is the "smaller" it is who is recorded in first & second lien position.
Is it possible to get money for your gift cards Like take it to the bank and give them the card and then they give you money?
No, it is not possible to get money from your gift cards from a bank. However, some pawn shops do give cash for gift cards.
Ask the bank to advance money?
You certainly can ask the bank to give you an advancement on money. Some banks will do this for you if they trust you.
Will the bank give you money for returning a broken toonie?
They would give you $2 for it.
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If house you rent is being foreclosed can you put rent money in bank instead of giving to landlord?
DO NOT give money to the LL befiore you speak to the bank. You may have to make payments directly to the bank. If that is your obligation, and, if you mistakenly give the money to the LL instead then you may end up owingthe money to the bank who won't bother chasing after the LL for you. It will be your problem to come up with the money.
What happens to your credit if you give your house back to the bank?
The bank will put up the house for auction and recover the money loaned to you. Residual balance of the liability, if any, standing against your name post auction will be returned to you.
What do you call a person who take and give money in the bank?
That is a bank teller
What could happen if you have 2 mortgages on the same property and you only default on the smaller of the 2 mortgages?
A mortgage is a promise that you make to the lending company. You promise them that if you don't pay back the loan, then they can have your house. It's no different for the second mortgage except that if you fail to pay either bank, and they both want your house, then the first mortgage holder always wins. If you default on your second mortgage..then they have the right to foreclose and sell your property BUT they have to pay the balance on your first off. If you defalut on your first mortgage then they will give notice to your second mortgage company and give them the option to "accelerate " the mortgage and they can foreclose..but if the second does not then the first mortgage can foreclose and sell your property and only pay the second off if there is enough money from the sale. It really doesn't matter if the mortgage balance is the "smaller" it is who is recorded in first & second lien position.
Is it possible to get money for your gift cards Like take it to the bank and give them the card and then they give you money?
No, it is not possible to get money from your gift cards from a bank. However, some pawn shops do give cash for gift cards.
Ask the bank to advance money?
You certainly can ask the bank to give you an advancement on money. Some banks will do this for you if they trust you.
How do you give a foreclosed house back to the bank?
When the bank foreclosed on the house, they took it back. Now it's time to move out.
Can a muslim use the money of bank interest if no then what should he do with interest money?
No. A Muslim cannot use the money of bank interest so they can give it away to others or use banks that do not give interest.
Will the bank give you money for returning a broken toonie?
They would give you $2 for it.
If you give the bank torn money will they give you new money?
If all of it is there and you have an explanation of how it got torn than yes
If you're selling your car to another person but you still owe money on it and the bank is holding the pink slip what steps do you need to take?
The buyer has to go to the bank with you, write the check to the bank and you and the bank will give them the title and give you the remaining money.
